Bitcoin Update: Bearish in Short Term, Bullish in Long Term

Bitcoin / TetherUS BINANCE:BTCUSDT

farhadnmd

BTC is painting a bearish flag pattern and the pattern will be confirmed in case of breaking down of the bottom support of this flag at around $40K, this scenario can drag the price down to 26 – 27K which is the projection of this pattern and also the support of the main huge broadening wedge pattern on the weekly chart as well as the wave E of Elliott waves . This level also clusters with EMA200 which makes it more strong.

This analysis will be invalidated if a weekly candle closes above the dynamic resistance (around 45K)

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